17.69± Acre Bank-Owned Commercial Property Ideal for Redevelopment
Overview
- Bank-Owned / Distressed, Industrial / Warehouse, Investment, Land, Retail
Address
Open on Google Maps- Address 6733 Black Horse Pike
- State/county New Jersey
- Zip/Postal Code 08234
Details
Updated on December 22, 2021 at 12:48 pm- Property ID: LCRE-LCRE-5242
- Price: $3,000,000
- Property Type: Bank-Owned / Distressed, Industrial / Warehouse, Investment, Land, Retail
- Property Status: Sold
- Building SqFt: 62,463 SF Total GBA
- Block #: 2302
- Lot #: 22
- Current Occupancy: Vacant
- Lot Dimensions: IRR
- Lot Size: 17.69± Acres
- Number of Buildings: 2
- Parking Type: Paved, Off-Street
- Parking Ratio: 240 Spaces
- Frontage: 100' on Tilton Rd
- Zoning: RCD
- Total Assessment: $3,842,200
- Assessed Land Value: $2,463,100
- Improvement Value: $1,379,100
- Tax: $123,373
- Tax Year: 2019
- Air Conditioner: Central Air
- Exterior Features: Signage
- Construction/Siding: Block
- Heating: Forced Air, Gas - Natural
- Hot Water: Gas
- Interior Features: Fire Sprinkler System, Restroom(s)
- Location: Shopping Center
- Road Frontage: Interstate
- Roof: Rubber
- Sewer: Public
- Style: Commercial
- Water: Public
Description
Bank-Owned commercial property ideal for redevelopment. 17.69 acres per 2019 survey. Past use was as a movie theater, formerly known as Towne 16, as well as a freestanding restaurant building which was formerly leased by Outback Steakhouse. The Egg Harbor Township Business Manager, Peter Miller, has confirmed that the Towne 16 is in the redevelopment area, which allows flexibility in zoning and 30-year tax abatements at the discretion of the municipality. Also, if a tax abatement is granted, the Atlantic County Improvement can use the revenue stream to float a redevelopment area bond whose revenues must be used to develop the property.
The theater was originally constructed in 1970. The building contains roughly 56,300 square feet of gross building area, which was once used as Frank Theater.
The restaurant building, which was constructed in 1998, contains roughly 6,163 square feet of building area and is in average condition. When outback vacated the premises they removed a majority of the restaurant equipment apart from several stainless steel food prep stations as well as two walk-in freezers.
There are five Retail Centers located within one mile of this property. Major retailers in these Centers include: Boscov’s, Golden Corral, AT&T, H&R Block, GNC, Walmart Supercenter, Petco, Planet Fitness, Texas Roadhouse, Starbucks, Chick-fil-A, Sally Beauty Supply, T-Mobile, SuperCuts, TJ Maxx, Dollar Tree, Rent-A-Center, Forman Mills, and many more.
Easy access to The Garden State Parkway (GSP) and the Atlantic City Expressway (ACE). Contact Lee Jerome for marketing package.
